CBN Directs Nigerians to Start Spending Old Naira Notes
In compliance with the supreme court order, the Central Bank of Nigeria (CBN) has announced a decision to extend the implementation of the naira redesign policy to Dec 31, 2023. The apex bank declared old naira notes legal tender following pressures that follow the new naira notes swap.
It said in a statement issued by its Acting Director, Corporate Communications, Alhaji lsa AbdulMumin that the decision was reached at a meeting of the Bankers Committee
Accordingly, old N200, N500, and N1,000 banknotes remain legal tender, the Central Bank of Nigeria (CBN) said in a notice posted on its website late Monday. The apex bank said the decision is in compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle.
Sounding political, the apex bank governor Godwin Emefiele said the decision to comply characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator.
The lender of last resort said it has directed that Deposit Money Banks operating in Nigeria must comply with the Supreme Court judgement of March 3, 2023.
Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly. CBN Directs Nigerians to Start Spending Old Naira Notes
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